Funding arb · Price arb /

BILL

all BILL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0635%/8h= −69.5% APRpaid last 24h −0.043%

Price spread now: Bybit against Backpack−0.074%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.074% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BILL_USDC_PERP	0.01348	0.0737	pay 0.0092% / 1h	52m 08s	$21K	$955	5x
Short	Bybit BILLUSDT	0.01347	0.0102	get 0.0051% / 4h	1h 52m	$1.3M	$910K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee BybitbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$133.3
Price spread: −0.074% → 0.000%: −$7.42
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$161.72
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Bybit: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	7.41 bp	70.0 bp −$70	787.0 bp −$7,870	doesn't fit	doesn't fit

Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BILL on 16 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin BILL-USDT	+0.0065%	4h	0.01350	+0.148%	$140K	$31K	20x	as long as short
Aster BILLUSDT	+0.0100%	4h	0.01349	+0.047%	$2K	$4K	5x	as long as short
OKX BILL-USDT-SWAP	+0.0100%	4h	0.01348	0.000%	$1.0M	$2.3M	20x	as long as short
Gate BILL_USDT	+0.0100%	4h	0.01347	−0.074%	$272K	$82K	20x	as long as short
Bitget BILLUSDT	+0.0100%	4h	0.01350	+0.148%	$604K	$730K	20x	as long as short
SunX BILL-USDT	+0.0100%	4h	0.01351	+0.223%	$2K	$1.0M	20x	as long as short
Bybit BILLUSDTshort	+0.0102%	4h	0.01347	−0.074%	$1.3M	$910K	20x
BingX BILL-USDT	+0.0174%	4h	0.01349	+0.074%	—	$1.7M	—	as long as short
KuCoin BILLUSDTM	+0.0198%	4h	0.01348	+0.030%	$432K	$263K	20x	as long as short
Extended BILL-USD	+0.0216%	1h	0.01348	+0.020%	$1K	$213K	5x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BILL_USDT	+0.0216%	4h	0.01349	+0.074%	$869K	$301K	50x	as long as short
Binance BILLUSDT	+0.0217%	4h	0.01349	+0.080%	$2.3M	$3.5M	20x	as long as short
Coinbase International BILL-PERP-INTX	+0.0728%	1h	0.01346	−0.141%	$46K	$96K	50x	as long as short
Backpack BILL_USDC_PERPlong	+0.0737%	1h	0.01348	long leg	$21K	$955	5x
HTX BILL-USDT	+0.1036%	4h	0.01354	+0.445%	$19K	$29K	20x	as long as short
Deribit BILL_USDC-PERPETUAL	+0.2199%	1h	0.01351	+0.193%	$105K	$17K	10x	as long as short